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ECB Plans to Redesign Euro Bills, Decision Expected in 2024

The European Central Bank is pushing back against market expectations that it will lift borrowing costs in 2022 - AFP via Getty Images
The European Central Bank is pushing back against market expectations that it will lift borrowing costs in 2022 - AFP via Getty Images
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ECB Plans to Redesign Euro Bills, Decision Expected in 2024

The European Central Bank is pushing back against market expectations that it will lift borrowing costs in 2022 - AFP via Getty Images
The European Central Bank is pushing back against market expectations that it will lift borrowing costs in 2022 - AFP via Getty Images

The European Central Bank said Monday that it plans to redesign its euro banknotes, with a final decision on the new look expected in 2024.

The euro was introduced in cash form in 2002, with banknotes based on what the Frankfurt-based central bank for the 19-nation euro area calls an “ages and styles” theme — with generic windows, doorways and bridges from various eras that don't represent any specific place or monument. They have undergone one relatively minor update in that time, The Associated Press reported.

“After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds,” ECB President Christine Lagarde said in a statement.

She said that euro banknotes "are a tangible and visible symbol that we stand together in Europe, particularly in times of crisis, and there is still a strong demand for them.”

The ECB said it will create focus groups to gather opinions from people across the continent on possible themes for the future notes. A “theme advisory group” with one expert from each eurozone country will then submit a shortlist of suggested new themes to the ECB's governing council.

The bank said it will seek public input on the proposals, then hold a design competition for the new banknotes before again consulting the public. Its governing council will make a final decision and decide on when the new banknotes might be issued.

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World Bank Warns of Long-Term Fallout from Regional Conflict

 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 
 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 
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World Bank Warns of Long-Term Fallout from Regional Conflict

 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 
 A man walks carrying shopping bags in a local market in downtown Riyadh (AFP). 

Amid mounting geopolitical tensions and growing economic uncertainty, the World Bank has warned that any conflict in the Middle East, particularly between Israel and Iran, could have far-reaching and negative consequences for the region and beyond.

Speaking to Asharq Al-Awsat on the sidelines of the launch of the World Bank’s latest economic update for the Gulf Cooperation Council (GCC), Safaa El Tayeb El-Kogali, the Bank’s Regional Director for the GCC, stated: “Any conflict, especially in this region, can have long-lasting and adverse effects.” She noted that the fallout is not limited to energy markets alone, but also includes rising shipping costs, heightened inflationary pressures, and increased investor uncertainty.

While the World Bank’s latest report, which was released on June 1, does not reflect the most recent escalation in the region, El-Kogali emphasized that it is “still too early to fully assess the impact of the ongoing conflict.” She warned, however, that in such volatile conditions, investors tend to adopt a “wait-and-see” approach, delaying decisions until clarity and stability return.

Despite challenges in the energy market, El-Kogali highlighted the resilience of the Gulf economies, thanks to sustained efforts toward economic diversification. In 2024, while the oil sector contracted by 3% due to OPEC+ production cuts, non-oil sectors grew by 3.7%, helping drive overall GDP growth to 1.8% — a notable recovery from 0.3% in 2023.

The World Bank projects the GCC economies will grow by 3.2% in 2025 and 4.5% in 2026, supported by easing oil production cuts and continued strength in non-oil sectors. However, El-Kogali stressed that these projections remain vulnerable to global trade volatility, oil price swings, and the evolving regional security landscape.

To mitigate risks, she urged Gulf countries to accelerate structural reforms, reduce dependency on oil, and boost intra-regional trade. Growth, she added, will also benefit from steady contributions from exports, investment, and domestic consumption.

El-Kogali emphasized that short-term risks include reduced export demand, oil market fluctuations, and regional instability affecting tourism and investor sentiment. Over the long term, threats such as low productivity growth, slow economic transformation, and over-reliance on fossil fuels could hinder progress.

She concluded by recommending fiscal diversification, tax reforms, and stronger regional trade links to create more resilient and adaptive Gulf economies.